The Billboard Global Music Index dropped 1.4% to 1,512.40 as stocks — music and otherwise — started the new year on a down note.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The Billboard Global Music Index fell 0.3% to 1,517.98, lowering its year-to-date gain to 30.0%.
The board cautioned investors to use the company's valuation metrics "with a higher degree of caution and less certainty" than normal.
The 20-stock index gained 2.2% to 1,522.78. It's now up 30.4% year to date.
The transaction, expected to close in the third quarter of 2023, will create a single class of stock for the satellite radio giant.
The group's re-signing lifted K-pop stocks while Spotify's share price enjoyed a double-digit increase, bringing the index's year-to-date gain to 26.9%.
Stock in the K-pop agency soared on the news.
The company's announcement that it would cut 17% of its global workforce added $2.6 billion to the streaming giant's market capitalization.
The Billboard Global Music Index dropped 0.2% to 1,449.08, bringing its year-to-date gain to 24.1%.
